"The East is not bright, the West is bright , and no longer take a single industrial route ." Zhu Gongshan, chairman of Xiexin Group, chairman of the board of directors of Xiexin Science and Technology and co-CEO, said at the annual performance presentation of Xiexin Science and Technology 2025. On the evening of
March 30, Xiexin Technologies released its annual report for 2025. Last year, the company achieved revenue of 14.425 billion yuan , down 4.5% year-on-year; net profit loss of 2.868 billion yuan , 39.6% year-on-year loss reduction; Gross profit was 1.336 billion yuan , turning losses into profits year on year; The gross profit margin also increased from -16.6% in 2024 to 9% in 2025 .
From the perspective of
business, the photovoltaic materials business of GCL Technology achieved a revenue of 14.341 billion yuan in 2025. Segment loss was RMB2,085 million; revenue from photovoltaic power station business was RMB84 million, segment loss 4.
It can be seen that the loss of GCL Technology last year was mainly from the photovoltaic materials business. However, compared with 2024, the loss of Xiexin's photovoltaic materials business has narrowed significantly compared with 2024, improving by 61% year-on-year. The gross profit margin of the corresponding photovoltaic materials business also increased from -16.9% in 2024 to 9. In this regard, GCL Technology said in its annual report that it was mainly due to the decrease in the overall production cost of polysilicon . According to
the financial data, the average cash manufacturing cost (including R & D) of the company's granular silicon in 2025 was 25.12 yuan/kg, down from 33.52 yuan/kg in 2024. Compared
with the photovoltaic material revenue of 14.957 billion yuan in 2024, the company's photovoltaic material revenue decreased by 4.2025
in 2025. The company's silicon wafer sales volume was 23.933 GW (including 12.018 GW of foundry silicon wafer sales), down 28.
By the end of 2025, the polysilicon production capacity of Xiexin Science and Technology reached 480000 metric tons , and the annual production capacity of crystal pulling was 10GW . The annual production capacity of silicon wafers is 35 GW .
Future "Xiexin"
for 2026, Xiexin Technologies said that this is the key year for its successful transformation and full release of value. This year, the company will focus on " overseas expansion + continuous exploration of the second growth curve ".
"In 2026, Xiexin Science and Technology will accelerate the global production capacity and market layout, relying on the technological advantages of granular silicon and perovskite, focusing on expanding the core markets of the United States, Europe, the Middle East and Africa, and building a globa l supply chain and service system." Form a supply chain system of " multi-regional, multi-node localization ".
At the same time, "the second growth curve with perovskite as the core will be fully expanded : the perovskite gigawatt production line will be in full operation, and the efficiency and cost of laminated modules will be continuously optimized, becoming a new growth pole of photovoltaic business;"; Join hands with granular silicon to continue to promote low-carbon and green global
GCL's perovskite business relies on GCL Optoelectronics, which currently has a capacity of about 500 MW. In June 2025, Xiexin Optoelectronics put into operation the world's first GW perovskite base, and in October of the same year, it launched the world's largest mass-produced components. At the beginning of
2025, Zhu Gongshan disclosed the plan of Xiexin Optoelectronics to go public in Hong Kong, which was originally scheduled to be the first IPO in the field of perovskite in 2025. One year
later, Zhu Gongshan once again disclosed the listing plan of GCL Optoelectronics: "GCL Optoelectronics will be listed in Hong Kong stocks this year. At present, all work is progressing in an orderly manner and smoothly."
"From the time point of view, we should have the first launch as soon as July this year, and we hope to achieve 2-3 launches this year."
Fan Bin admitted that the platform technology of perovskite development has always been around ground applications, and space applications are facing many new challenges. Simple power supply is easy to achieve, but to achieve a service life of more than five years, continuous technological breakthroughs are still needed.
In addition, the industry mergers and acquisitions, Zhu Gongshan said: "The industry has come to this day, mergers and acquisitions must be correct, but also inevitable." But Xiexin does not participate in this round of photovoltaic restructuring, " in the whole field of photovoltaic materials, Xiexin no longer seeks to expand ." . Lantianshi, executive director and co-CEO
of Xiexin Technologies, said at the performance presentation that the market share of granular silicon in 2025 was close to 23%. To meet the needs of future solid-state batteries and black phosphorus batteries frontier technology.
Zhu Gongshan also stressed that in the future, the company's business will cover granular silicon, perovskite, cathode and anode materials, and will no longer follow a single industrial route. "Ask investors to stop valuing Xiexin Technologies as a solar material company.".
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